Answer
Opportunity cost is the value of the next-best thing you give up when you make a choice.
Work Step by Step
Opportunity cost is the value of the next-best thing you give up when you make a choice.
Cost Accounting (15th Edition)
by Horngren, Charles T.; Datar, Srikant M.; Rajan, Madhav V.
Published by
Prentice Hall
ISBN 10:
0133428702
ISBN 13:
978-0-13342-870-4
Chapter 11 - Decision Making and Relevant Information - Assignment Material - Questions - Page 458: 11-8
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